Rise of Industry & Big Business
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1 The Gilded Age: Rise of Industry & Big Business A16W
2 Origins of the Term: Mark Twain s The Gilded Age (1873)
3 GUIDING QUESTION Why did the United States become an industrial power in the period 1865 and 1900? How did this economic growth also cause problems?
4 QUESTION TO CONSIDER Has capitalism been good or bad for the United States?
5 Causes of Rapid Industrialization
6 Rise to Industrial Supremacy Percent of World Industrial Output
7 Causes of Rapid Industrialization 1. abundant supply of raw materials 2. abundant labor supply - migration, immigration 3. new technology innovations that raise productivity Patents - US granted 36K total patents prior to 1860, 440K from
8 Causes of Rapid Industrialization 4. abundant capital 5. talented businessmen (entrepreneurs) 6. new types of business organization 7. growing markets expansion of population and settled area (West, cities) 8. business-friendly governments laissez-faire, but: subsidies, tariffs 9. steam revolution of 1830s-1850s - railroads
9 Industrial Production, 1919
10 OLD INDUSTRIES TRANSFORMED, NEW INDUSTRIES BORN OUT OF NEW TECHNOLOGY & INNOVATION
11 Railroad Network 1860s
12 Railroad Network 1870s
13 Railroad Network 1880s
14 1. RAILROADS Dramatic expansion key factor in industrial development: First big business in the U.S. Corporations, stock New methods of management pools (cartels) Key to opening the West Aided the development of other industries
15 Railroads Create Great Wealth Cornelius Vanderbilt Jay Gould
16 2. STEEL Bessemer-Kelly Process
17 2. STEEL & Carnegie Andrew Carnegie mass production economies of scale vertical integration Coke fields Iron ore deposits Steel mills purchased by Carnegie purchased by Carnegie Labor? purchased by Carnegie Ships purchased by Carnegie Railroads purchased by Carnegie
18 Iron and Steel Production, 1900
19 Carnegie Mansion, New York
20 Iron & Steel Production
21 International Steel Production, 1880 & 1914
22 3. OIL & Rockefeller George Bissell Edwin Drake Oil Field, Western PA, 1860s
23 John D. Rockefeller Standard Oil Co. horizontal integration 3. OIL
24 3. OIL & Rockefeller trust monopoly holding company Problem of the trusts
25 4. ELECTRICITY & Edison Thomas Edison Thomas Edison in his Menlo Park, NJ Lab
26 Edison s Menlo Park Lab
27 The Phonograph (1877) The Ediphone or Dictaphone The Motion Picture Camera Edison: innovator businessman Age of technology
28 5. The AUTOMOBILE, Ford & Mass Production Henry Ford Fordism Taylorism 1913 Ford Model T The Moving Assembly Line
29 Ford & Mass Production Taylorism Model T Prices & Sales, Frederick W. Taylor The Principles of Scientific Management (1911)
30 6. Consolidation J.P. Morgan consolidation holding companies corporate mergers J.P. Morgan Number of corporate mergers,
31 Industrial Consolidation: Iron & Steel Firms
32 Wall Street: 1867 & 1900
33 Wealth Concentration Held by Top 1% of Households
34 DEFENDING & CRITICIZING THE NEW INDUSTRIAL CAPITALIST CULTURE
35 The Protectors of Our Industries
36 The Bosses of the Senate
37 GUIDING QUESTION How did proponents justify the extremes of wealth and poverty in the United States in the late 19th and early 20th centuries? How did critics explain the extremes and what, if anything, did they propose to do about it? Herbert Spencer / William Graham Sumner Andrew Carnegie, The Gospel of Wealth Horatio Alger Booker T. Washington Henry George, Progress and Poverty Eugene V. Debs
38 DEFENSES OF THE NEW INDUSTRIAL CAPITALISM laissez-faire Adam Smith social darwinism Herbert Spencer survival of the fittest Andrew Carnegie The Gospel of Wealth Russell Conwell Acres of Diamonds Horatio Alger Protestant work ethic Herbert Spencer Russell H. Conwell
39 Defenses of Industrial Capitalism Social Darwinism The growth of a large business is merely the survival of the fittest. -John D. Rockefeller
40 CRITICISMS OF INDUSTRIAL CAPITALISM Socialist Labor Party Eugene Debs Henry George, Progress and Poverty Edward Bellemy, Looking Backward business cycle recessions and panics
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